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GOLDMAN SACHS SAYS SELL
Let’s jump in, starting with our first piece of news from Goldman Sachs. Goldman Sachs has downgraded Coinbase stock to sell. Shares of Coinbase Global inc. have been downgraded by analysts at Goldman Sachs after the much wider plunging of cryptocurrency market prices affected the exchange’s underlying business. What they’re saying is that because the market’s not as hot as it was in 2021 because we’re not seeing, you know, no exchanges onboarding the users that they were seeing last year, they’re advising to sell the stock and saying this will continue to be a down year for Coinbase.
Now, how does this affect you and me as crypto holders? It affects us very minimally because Goldman Sachs is not the end-all-be-all analyst. Actually, according to Bloomberg, Coinbase still has 20 buy recommendations. As of June 27th, only six holds and only five sell ratings were issued, obviously just to define that stocks with a buy rating are on an analyst’s recommended list, stocks with a hold rating are expected to perform roughly on par with the broader market, and sell recommendations are calls to liquidate an asset.
HTC Launches New ‘Metaverse Phone’
Next up is some bullish news from a major mobile company. HTC’s new metaverse phone includes a crypto and NFT wallet, so that means every single HTC desire 22 pro comes pre-loaded with Viverse apps to navigate the metaverse and manage your crypto and NFTs. Wow, so crypto is seeping into the culture. To be very clear, this phone is meant to be compatible with their own metaverse platform called the Viverse.
So while they did this for very specific reasons to promote their own stuff, just an ETH wallet means every single phone in production will have its own ethereum wallet and that’s for all metaverses. The HTC desire22 pro comes pre-loaded with apps that let you access and manage your metaverse content, including crypto and NFTs, from your phone. A Vivers app also lets you buy NFTs in a digital marketplace and create your own virtual space, per the announcement, and like previous HTC crypto phones, they have made crypto compatible phones in the past. This phone also comes with a built-in crypto wallet for ethereum and polygon-based assets. Also, bitcoin is compatible with this phone based on the compatibility of their other phones in the past, but again, the reason they’re doing this is to compete with companies like Facebook for their own VR headset metaverse.
The device is optimized to work alongside HTC’s lightweight VIVE Flow VR headset with HDCP 2.2 connectivity, enabling you to wirelessly mirror content to the headset. This smartphone opens up new immersive experiences as the perfect partner for VIVE Flow, as they say, whether it’s meeting colleagues in VR or enjoying your own private cinema anywhere you are interested. This should be a huge signal to ethereum and polygon that this cryptocurrency revolution is not going away. Think long-term.
What’s Happening w/ Chainlink?
Next up, what’s happening with Chainlink? It briefly gained up to 8% following a listing on Robinhood. The reason this is significant is because Robinhood listed LINK, which is the native token of the oracle application blockchain Chainlink. This was the first time the platform has listed new tokens since mid-April, when it did so for compound Polygon Matic, Solana and SHIB.
They see Chainlink for one reason or another. Maybe it’s the technology, maybe it’s the community, etc. They see Chainlink as a yes as opposed to a no, which would mean a D-listing. The Nasdaq-listed Robinhood experienced a surge in its share price on Monday following reports that crypto exchange FTX was considering acquiring it. Obviously, we covered this, but as growth continues to happen, I will keep you updated.
What’s Happening w/ Axie Infinity?
Next up, what’s happening with the play to earn crypto AXIE? Axie Infinity restarts the Ronin bridge months after their over 600 million dollar exploit. So just as a reminder, Ronin is their side chain layer two aimed at helping the scalability of the Axiom game. Their side chain bridge was restarted following internal and external audits by blockchain security firms Verichains and Certik.
Also, all user funds are fully backed on a one-to-one basis by the new bridge, and users have been made whole. So all the users did receive their money back. Here was their recent announcement on Twitter:
Okay, so how does this affect you as just an average crypto huddler? They did fix this, which I love, but with this optimization comes slightly more centralization. The new bridge design includes a circuit-breaker system as a contingency plan to increase the security of the bridge by halting large suspicious withdrawals, which is obviously needed in a large capacity because you don’t want an exploit to happen again, but that is the trade-off between security scalability and decentralization.
CoinFlex to Launch $47M Recovery Token
Let’s keep moving and the next piece of outrageous news for crypto derivatives exchange CoinFlex. CoinFlex to launch a 47 million dollar recovery token to solve their withdrawal issues. CoinFlex said last week it was halting withdrawals amid market declines and counterparty uncertainty. Much like Celsius, they didn’t want a bank run, so they simply halted withdrawals.
Now they’re issuing a new token to repay their users back with this new token. CoinFlex, a physical futures crypto exchange, will launch a Recovery Value USD (rvUSD) token stablecoin after recently halting withdrawals due to an outstanding debt owed to the exchange by one of their high net worth customers. They chose not to liquidate this whale, but that means they still didn’t collect the money from this well.
In normal circumstances, we would just auto liquidate a position that is running low on equity at prices that are prior to the zero equity price, but they chose not to do that because of how powerful I guess this individual customer was. The CoinFlex described the customer as a high-integrity individual with liquidity issues tied to the recent crash in crypto and non-crypto markets who has significant shareholdings in several unicorn private companies and a large portfolio. I wonder who this could be, but it must be nice to get this special privilege like this.
Anyway, this led to CoinFlex’s issuance of 47 million dollars in tokens and comes after a certain individual’s account went into negative equity during the recent market volatility. That is not to liquidate. The issuance of this new token will begin tomorrow and likely run until July 1st.
Also, CoinFlex said the issuance of the new token includes a 20% annual percentage rate (APR) accrued and paid daily in rvUSD. Okay, be very careful out there. This is obviously to incentivize you not to cash out. If you hold it with them, they’ll give you some APR. Very crazy times.
Also, I guess this will fix the situation because they say for everybody else, CoinFlex does expect to resume withdrawals on June 30th, but it is still subject to receiving funds pursuant to the rvUSD issuance. Be very careful out there.
[This article is a transcription of a video made by Altcoin Daily]
Original video: https://youtu.be/3nSiadJg8So ]